Saudi Aramco has announced it has signed two Memorandums of Understanding which will cover energy and technology collaboration, renewables, and carbon management.

The Saudi Arabian Oil Company has joined forces with Abu Dhabi National Oil Company (ADNOC) and renewable energy company Masdar. Under the agreement ADNOC and Saudi Aramco will collaborate on identifying technologies that aim to deliver improved operational performance and efficiency across the oil and gas value chain.

The MoU was signed by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO and Amin H. Nasser, president and CEO of Saudi Aramco.

H.E. Dr Al Jaber said: "This agreement reinforces our renewed approach to partnerships, which are aimed at leveraging and building on existing industry expertise. Innovation and technology are critical to our growth strategy, and there is a strong focus on integrating new technologies into our upstream and downstream operations, as we work to harness maximum value."

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The second MoU between Saudi Aramco and Masdar will see the development of sustainable solutions and renewable energy to yield advancements in clean electricity generation, and carbon capture for Saudi Arabia, the UAE and the world.

The MoU was signed by Yasser Mufti, executive director for New Business Development at Saudi Aramco and Mohamed Jameel Al Ramahi, CEO of Masdar.

Yasser Mufti said: "We are embarking on an ambitious program in sustainable energy, including renewables and CO2 capturing and are also supporting the research and development efforts of various organizations and institutes in the Kingdom to promote renewables use in power generation and water desalination."